A.M. Best Removes Ratings of Torus Insurance Holdings Limited and Its Subsidiaries from Under Review; Assigns Negative Outlook
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Concurrently,
In addition,
The rating actions follow the completion of the acquisition of
Torus' consolidated historical financial performance has been weak with overall losses made each year since 2010. Management, supported by the group's new owners, is committed to improving financial performance and has taken actions to achieve significant expense savings and exit underperforming lines of business. Torus' preference shares, which carried high interest payments, have also been redeemed, thereby removing a strain on future retained earnings. Despite these actions,
Positive rating factors partly offsetting the above-referenced challenges and supporting the rating affirmations include the support of
Torus also benefits from strong risk-adjusted capitalisation, both on a consolidated basis and for each rated operating company. Torus
In addition, Torus has, since its launch in 2008, built up a significant market presence through a combination of acquisitions of teams and businesses and organic growth. As a result, Torus now writes a well-diversified specialist portfolio from operations in
Positive rating actions could follow if management delivers on its plan to improve financial performance for the Torus group of companies. Negative rating actions could follow if Torus continues to underperform against its own plans and
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best
This rating announcement has been issued by A.M. Best
More information:
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A.M. Best Removes Ratings of Torus Insurance Holdings Limited’s U.S. Subsidiaries From Under Review; Assigns Negative Outlook
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